After Stellar Debut, Jio Platforms Gains 5% for 2nd Straight Day; M-Cap Hits Over Rs 13.7 Lk Cr

Mumbai: Jio Platforms Ltd’s shares extended their rally for the second straight session on Thursday, rising over 5 per cent on the stock exchanges and taking the company’s market valuation to Rs 13.72 lakh crore following an impressive debut on Dalal Street.

On the BSE, the stock climbed by 5.12 per cent to Rs 1,490 apiece.

Jio Platforms’ scrip rose 5.09 per cent to Rs 1,489.70 apiece on the National Stock Exchange (NSE).

The rally lifted Jio Platforms’ market capitalisation (mcap) by Rs 66,903.61 crore to Rs 13,72,145.59 crore on the BSE.

Shares of the Reliance Industries-backed digital services company were trading over 33 per cent above its issue price of Rs 1,119 on both exchanges.

Jio Platforms made a blockbuster debut on Wednesday, ending nearly 27 per cent above its Rs 1,119 issue price to become the second-most valuable domestic firm by market capitalisation.

The stock listed at Rs 1,358 on the BSE and NSE, a premium of 21.36 per cent over its issue price.

It closed at Rs 1,417.35, surging 26.66 per cent from the issue price on the BSE. During the day, the stock zoomed 27.23 per cent to hit the day’s high of Rs 1,423.80.

On the NSE, the stock climbed 26.67 per cent to end at Rs 1,417.50. During intraday trade, it surged 27.24 per cent to Rs 1,423.90.

At Wednesday’s close, Jio Platforms’ market valuation stood at Rs 13 lakh crore. It became the country’s second most valuable listed company by market capitalisation.

Reliance Industries is the country’s most valued firm with a market capitalisation of Rs 15.92 lakh crore.

Jio Platforms is ahead of Bharti Airtel, HDFC Bank and ICICI Bank in the top five order of mcap ranking.

The company’s Rs 30,213 crore initial public offering closed with bids for 22.19 times the shares on offer, as total demand across the public issue and anchor investor placement crossed Rs 7.4 lakh crore and applications were at a whopping 1.39 crore.

The IPO was entirely a fresh issue of 27 crore shares and was priced at Rs 1,065 to Rs 1,119 a share.

Ahead of the public issue, Jio Platforms raised about Rs 8,110 crore from 212 anchor investors on October 19, allotting shares at Rs 1,119 apiece, the upper end of the price band.

On the opening day of the IPO on October 21, Jio Platforms’ issue was fully subscribed within 100 minutes, making it the fastest-subscribed mega public issue in India.

Jio Platforms, in which Reliance owns a 66.4 per cent stake, launched its IPO on October 21. The offering ended on October 23.

(Disclaimer: Except for the headline, this article has not been edited by HDFC Sky editorial team and is auto-generated from PTI feed.)